6060 Atlantic, Long Beach, CA 90805
List Price: $3.4M
Listing Status: Active
0Days on Market: 0
0 Bedrooms · 0 Bathrooms
Property Type: ResidentialIncome
Year Built: 1946
Lot Size: 9,180 sq ft
Private Pool: Yes
MLS Number: PW26097416
About This Property
6068 Atlantic Avenue is a fully renovated turnkey 12-unit apartment community located along the rapidly evolving Atlantic Avenue corridor in Long Beach, an area experiencing significant public and private redevelopment investment. This turnkey asset offers investors immediate cash flow at an attractive 7.14% cap rate from day one. The property consists of two buildings and features a unit mix of twelve one-bedroom/one-bath units, including four newly converted retail-to-residential units, and two brand-new attached ADUs. Each unit was fully vacated, extensively renovated, and repositioned to achieve market rents, minimizing near-term capital requirements. Recent upgrades include new electrical and plumbing systems, dual-pane windows, modernized interiors and exteriors, and individual water heaters for each unit. The property is separately metered for gas and electricity, helping to reduce operating expenses. Additionally, preliminary plans to construct eight one-bedroom ADUs in the rear parking area present a compelling value-add opportunity to substantially boost the asset’s revenue. Buyer to verify ADU potential. This offering combines stable in-place income with meaningful upside in one of Long Beach’s targeted growth corridors.
Listing provided by: Steven Bogoyevac DRE #01332755 562-436-5800 steve.bogoyevac@marcusmillichap.com, Steven M. Bogoyevac, Broker
Source: CRMLS, MLS #: PW26097416